Aubrey Craig

The Committee convened to provide oversight and report on the expenditure of bond revenues for Measure QS and Measure K. The Measure QS audit, presented by a representative from CDWL, resulted in entirely clean financial statement and performance audits, with 68% of expenditures sampled. Financials for Measure QS showed approximately 2 million dollars expended on ball walls and shade structures. For Measure K, expenditures totaled $220,750, primarily for the Facility Master Plan, with a remaining balance of $11,779,250. Future discussions will focus on project sites and adopting quarterly meetings.

The report covers the period from July 1 to October 31, 2025, projecting revenues and expenses based on available information. It indicates a positive financial condition for the district, with projections meeting financial obligations for the current and subsequent two fiscal years. Key discussion points include the Local Control Funding Formula base grants per grade span, grade span adjustments, and the funded COLA for 2025-26, with estimations for the following years. The report also addresses employer contribution rates for CalSTRS and CalPERS, status of negotiations for SWTA and CSEA, and the General Fund's reserve status. Additionally, it covers updates and changes in various funds such as the Cafeteria Special Revenue Fund, Deferred Maintenance Fund, Building Fund, Capital Facilities Fund, Special Reserve Fund for Capital Outlay Projects, and the Tax Override Fund.

The meeting included a financial presentation for the Bond Budget, which indicated a carryover of approximately 6.7 million dollars for the next year. After adjournment, a field trip to the McKibben, Lake Marie, and Los Altos sites was provided to the committee.

The audit report discusses the financial activities and compliance of the South Whittier School District's Measure QS Bond Building Fund. It covers the approval of general obligation bonds by voters, the issuance of Series 2017A bonds, and the role of the Citizens' Oversight Committee. The report includes financial statements, such as the balance sheet and statement of revenues, expenditures, and changes in fund balance, along with notes detailing accounting policies, cash and investments, construction commitments, and general obligation bonds. Additionally, it contains independent auditors' reports on internal control, compliance, and performance, ensuring that funds were expended only for approved projects.

The meeting included the election of the Chairperson and Vice-Chairperson. An auditor presented findings, confirming the accuracy and completeness of the Measure QS bond report. A facilities presentation covered various bond projects, including a discussion about shade structures. The financial presentation reviewed the bond budget from the previous and current years, with plans for electrical upgrades across different sites. The committee discussed preparing a narrative for the board during the upcoming June meeting.